Electric vehicle startup Rivian, which started deliveries of its R1T pickup truck in September, released its filing to become a publicly traded company in the United States.
The S-1 document, which was filed Friday with the U.S. Securities and Exchange Commission, does not include terms for its offering.
The company filed confidentially for its IPO in late August, just two months after it had closed a $2.5 billion private funding round led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor and funds and accounts advised by T. Rowe Price Associates Inc. Third Point, Fidelity Management and Research Company, Dragoneer Investment Group and Coatue also participated in that round.
The S-1 document provides a first look at Rivian’s financial data and other insights into the company as well as the risks and opportunities it faces.
Rivian reported a net loss of $426 million in 2019. Those losses more than doubled to $1 billion as the company built out its factory in Normal, Illinois, prepared to begin producing its R1T pickup truck and R1S SUV and expanded its workforce. The company now employs more than 8,000 people across several facilities in California, Michigan, Illinois and the UK.
The numbers have steepened since then. Rivian posted a net loss of $994 million in the first half of 2021 alone, far more than double its $377 million net loss the company posted in the same period of 2020.
Rivian also disclosed its long-tern business strategies, its plan to first sell its EVs and the United States and Canada and then soon expand to Western Europe. Sales in Asia will follow. Rivian said in its S-1 that it will build local facilities to support growth into those new markets.
Rivian also disclosed it had 48,390 preorders for its R1T pickup trucks and R1S SUVs in the United States and Canada as of September. Pre-orders, which requires a refundable $1,000 deposit, don’t always convert to sales. However, they can provide an indication of demand for the product.
The company said in its S-1 that it has also established a philanthropic mission called Forever. Initially the company will fund the entity with shares of Rivian’s Class A common stock equal to 1% of the company’s outstanding equity immediately preceding the completion of this offering.
For a more detailed breakdown of the S-1, check out: